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TMI Blog2019 (12) TMI 1121X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Professional namely Ms. Maya Gupta and she is appointed as the Interim Resolution Professional - application admitted - moratorium declared. - C.P. IB NO. 1096 (PB) OF 2019 - - - Dated:- 21-10-2019 - Chief Justice M.M. Kumar, President And S.K. Mohapatra, Technical Member P.K. Agarwal and Ms. Deepti Gupta, Advs. for the Petitioner. Arun Saxena and Saral Sharma, Advs. for the Respondent. ORDER M.M. Kumar, 1. The Petitioner claiming to be financial creditor has filed the instant Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. 2017-2018 ₹ 14,85,750/- ₹ 1,48,575/- The petitioner has placed on record Forms 26AS that show the tax deduction against the deposits made [Annexure D (Colly)]. 4. The petitioner has also placed on record a certificate issued by the bank maintaining its account certifying the disbursal of the amount in the account of the respondent-corporate debtor (Annexure A). A copy of its bank statement (Annexure B) has also been added. It is further asserted that the respondent-corporate debtor vide letter dated 05.05.2018 has acknowledged the outstanding amount as claimed by the petitioner-financial creditor in the inst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncludes the statement of account maintained with the financial creditors, photocopies of the bank statements of both the financial creditor and the corporate debtor, ledger account of the corporate debtor and the acknowledgement letter of the corporate debtor. 9. In the Reply the Respondent-Corporate Debtor has raised a preliminary objection to the maintainability of the petition and has questioned the material facts based on which the petition is filed. On that basis it is sought to be projected that the amount claimed to be in default is not due and payable to the petitioner. Further it is also submitted by the respondent-corporate debtor that it is the petitioner that owes him a certain amount as the respondent company suffered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor in its reply has admitted that loan was disbursed by the petitioner-financial creditor and a certain amount was repaid along with interest on the said loan till 31.03.2018. There is overwhelming evidence placed on record to show that the amount as claimed 'due and payable' was disbursed by the petitioner to the respondent company. 12. As a sequel to the aforesaid discussion and the material placed on record we have no hesitation to hold that the petitioner-financial creditor had disbursed money to the respondent-corporate debtor. It is accordingly held that the respondent-corporate debtor has committed default in repayment of the outstanding financial debt which exceeds the statutory limit of rupees one lakh. Thus, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tral Government and a surety in a contract of guarantee to a corporate debtor. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 17. We direct the Financial Creditor to deposit a sum of ₹ 2 Lacs with the Interim Resolution Professional to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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